Home » Reverse Mortgages

Reverse Mortgages

A Fha Reverse mortgage is a special type of home loan that enables homeowners to convert a portion of their equity into cash. The equity built up over years of home mortgage payments and appreciation can be paid to you. You choose how you want to withdraw your funds, whether in a fixed monthly amount, a line of credit or lump sum of cash or a combination of all 3.

Unlike a traditional home equity loan or second mortgage, no repayment is required until the borrower(s) no longer use the home as their principal residence or they pass away. The loan also becomes due and payable if:

  1. You do not pay property taxes or hazard insurance or violate other obligations.
  2. You permanently move to a new principal residence.
  3. You, or the last borrower, fail to live in the home for 12 months in a row. An example of this situation would be if you (or the last borrower) were to have a 12-month or longer stay in a nursing home.
  4. You allow the property to deteriorate and do not make necessary repairs.

The U.S. Department of Housing and Urban Development (HUD) Home Equity Conversion Mortgage (HECM) provides these benefits, and it’s federally-insured as well.

Questions? Contact us or call Toll Free 1-800-630-0650

Using a reverse mortgage in California | California Reverse Mortgage Qualifications



Golden Years Mortgage Solutions, Reverse Mortgages, Reverse Mortgages California Copyright 2009-2010 Wharton SEO & Web Design